Gyansagars

Which is not in use in business :- Section 16 of the Model GST Law disallows input tax credit on goods and services not intended to be used “in the course of business” or “for furtherance of business”. In fact, the credit chain ends when goods or services are sold to the final consumer for personal use. For example, a credit chain that started with the manufacture and sale of steel would end when a washing machine, made out of that steel, is sold for personal consumption. This distinction between personal consumption and business consumption could very well become a litigious issue. The law provides that if any input is used partly for business and partly for non-business purposes, then credit would be available only to the extent it is attributable to business use. So strictly speaking partial credit could be disallowed on an office laptop if it’s also used to send personal email or make personal purchases from an eCommerce site – though that would be practically impossib...

How to resolve errors made in GSTR 3B?   Introduction: This article discusses in detail about solutions to resolve errors made in GSTR-3B. A lot of doubts are being raised about errors or mistakes made by the taxpayers in filling of GSTR-3B return. As GSTR 3B cannot be revised, it makes the taxpayers worried about the possible consequences due to errors committed. Most of the mistakes or errors done in GSTR 3B can be corrected and reconciled by filing GSTR 1, 2 and 3.  Let us discuss each and every possible mistake and their appropriate solutions.  Situation - 1. How to revise the GSTR 3B return for error/mistakes done while furnishing in GSTR 3B ? Ans. In case any person wants to amend or revise the GSTR 3B return, it may be done by filing the GSTR 1 and 2 for the same month. In other words, suppose sales has been less reported or excess reported while filing GSTR 3B, the same can be corrected by filing the GSTR 1 (return for outward supplies). Simi...

Eligibility of input tax credit with respect to Motor Vehicle  Section 17 of the Central Goods and Service Tax (CGST) Act deals with Apportionment of credit and blocked credits, wherein Clause (5) of the said Section provides for restriction of credit. It is pertinent to note that section 17(5) of the Act start with 'Notwithstanding anything contained in sub section (1) of section 16 and sub- section (1) of section 18, therefore, even if any goods or services used for business purpose but the same is covered under section 17(5) of the Act, then the credit would not be available.   Let's deliberate on the provisions relating to motor vehicle. Section 17(5)(a) of the CGST Act restricts the input tax credit in respect of motor vehicle except used for further supply of such vehicle, transportation of passenger, training or transportation of goods. The term 'Motor Vehicle' has the same meaning as defined under the Motor Vehicle Act, 1988 "motor vehicle...

Timelines The regular Returns filing (GSTR-1, GSTR-2, and GSTR-3) deadline relaxed for July/August 2017. The Time period for filing returns (GSTR-1, GSTR-2, and GSTR-3) is given below. Forms For July 2017 For August 2017  GSTR-1 1st - 10th September Up to 5th October 2017  GSTR-2 11th -25th September 6th -10th October 2017  GSTR-3 Up to 30th September Up to 15th October.  Please note that: Supplier Tax Payer will not be able to Upload Invoices or Submit Form GSTR1 , for the month of July, 2017, during the period of filing of Form GSTR-2 of July, 2017, viz. 11th to 25th September, 2017. 2018. Therefore it is necessary that supplier taxpayers files his Form GSTR 1 for the month of July, 2017, using EVC or DSC (mandatory for companies, LLPs and FLLPs etc.), to avoid late fees payment by 10th September, 2017.   If supplier taxpayer does not submits his Form GSTR 1 of July, by 10th September 2017 and if these invoices are uploaded/added by his recei...

1.Are liquor shops and permit rooms required to file GST returns?  Yes, if registration has been taken, then returns are to be furnished mandatorily even when there is no turnover . Alcoholic liquor for human consumption is dealt by state excise & VAT/CST laws and concerned returns are anyway required under these laws.  2. We missed certain invoices, etc and some were entered incorrectly both for output supplies and inward supplies in a particular month. Now how should we correct this?   This correction can be statement/return to be furnished in next month. Input Tax Credit:   3. We have our business establishment in Goa. We visited Delhi and purchased goods from a factory. Factory raised bill and delivered goods at factory gate. Thereafter we transported these goods to Goa to our establishment. Whether credit will be available to us?   Credit shall be available only i.e. supplier mentions your GSTIN in invoice and charge IGST. It does no...

Supplies from Registered Person: 1. The supplier will show supplies of goods or services which attract reverse charge in table 4B of GSTR-1. 2. Such details will be auto populated in table 4 of Part A of GSTR-2A of the recipient of goods or services. 3. Recipient of goods or services will have following option after auto-population in GSTR-2A a. Accept, b. Reject, c. Modify (if information provided by supplier is incorrect), or d. Keep the transaction pending for action (if goods or services have not been received) 4. If recipient accepts or modifies then such details of supplies will be taken to table 4A of GSTR -2 . Supplies from Un - Registered Person : In such recipient himself will prepare invoice as per the invoicing provisions and rules which will be reflected in table 4B of GSTR-2 by the recipient. Import of Services : In case of import of services recipient himself will prepare invoice as per the invoicing provisions and rules which will be reflected in table 4C...